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NEW YORK, Dec. 15 /PRNewswire/ -- WL Ross & Co. LLC ("WL Ross") has
completed the acquisition of rail logistics company VTG from TUI AG, the major
European tourism company. The purchase price was not disclosed.
Wilbur L. Ross, Jr., Chairman & CEO of WL Ross stated, "This is our first
investment in Germany and the largest we have made in Europe. We and our
lender, HypoVereinsbank, are very impressed with managements plans to grow
the business and to improve its profitability."
VTG Chief Executive Officer Dr. Heiko Fischer said, "This transaction is a
good signal for our company and all of our partners. Along with WL Ross, we
can not only expand our traditional business but also provide solutions for
other sectors."
VTG
VTG is the largest specialized railcar and tank container leasing company
in Europe with approximately 45,000 tank and freight wagons servicing mainly
the transport of oil, gas, chemical and bulk products. Based in Hamburg, VTG
has approximately 900 employees and operates throughout Europe with a
commercial presence in 17 countries. In addition to railcar leasing, VTG also
provides freight forwarding and railcar maintenance and repair services. For
2005, VTG expects to have revenues of approximately euro500 million.
WL Ross & Co. LLC
Since its founding in April, 2000, WL Ross & Co. LLC, has sponsored
$4.5 billion of alternative investments in the steel, textiles, coal,
automotive and financial services industries in the U.S., UK, France, China,
Japan and Korea.
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